eTransact International Plc, one of Africa’s leading providers of mobile banking and payment services, has recorded 157.8 percent in its profit after tax, in one year.
This was disclosed during the company’s 19th annual general meeting in Lagos recently.
Speaking at the event, the chairman, eTransact International Plc, Wole Abegunde described the 2022 financial performance of the bank as a significant year in the history of the company’s financial performance.
According to the chairman, the landmark achievement was due to the management’s drive for excellence and the demonstration of the commitment of the management and the board to ensure maximum returns on the investment of shareholders.
He said the focus and expansion of the company’s core switching services have been pivotal in the improvement of the company’s performance.
The gross profit of the company grew by 102.54 percent to N5.68 billion in 2022 compared with N2.80 billion recorded in the corresponding period.
Shareholders’ funds increased by 284.30 percent to N9.27 billion in the year under review from N2.41 billion in 2021.
“The landmark achievement is down to the management’s drive for excellence and demonstration of the commitment of the management and the board to ensure maximum returns on the investment of shareholders. The Company will not relent on the performance and will seek more business opportunities to boost subsequent financial results.
“As a company, we fully understand the benefits of strategic alliances and the potential business opportunities these can create. We fostered new relationships, enhanced and deepened existing ones and explored newer opportunities within our ongoing associations with existing partners. We are positive that our alliances will lead to improved performances in the years ahead.” Abegunde said.
Also speaking at the annual general meeting, managing director, Olaniyi Toluwalope said the company processed over N50tn transactions in the 2022 financial period.
The value increased significantly in comparison to the N39 trillion processed in 2021. The company is well positioned and has enhanced the capacity to further process more transactions going forward.
According to him, the company ensured a 99 per cent success rate and uptime across the various service offerings during 2022.
This, he said, involved the deployment of technology and the required expertise to ensure prompt and seamless processing of transactions, and to ensure constant availability of all the channels with minimal to zero downtime.
“eTranzact International Plc as one of the foremost payment service providers in the payment industry in Nigeria processed over N50tn in value of total transactions processed in 2022. The value increased significantly in comparism to the N39tn processed in 2021.
“The company is well positioned and has enhanced the capacity to further process more transactions going forward.” He said
